A new report by credit bureau TransUnion shows an increase in the number of people falling behind on their mortgages over the last quarter. The delinquency rate of borrowers going 60 days or more past due on mortgage payments increased to 5.88 percent in Q3 of 2011. This is the first increase since 2009. TransUnion blames the higher number of missed payments on a number of third quarter factors, including the U.S. credit rating downgrade, high unemployment rates, stock price declines, and low home values. More missed mortgage payments lead to a higher number of bad credit scores.
Fortunately, more and more consumers are beginning to understand the risks that debt can have on credit scores. TransUnion’s proprietary Credit Risk Index declined for the seventh consecutive quarter. The CRI reflects consumer delinquency and debt levels, and even though the decline has slowed, the new number is the lowest witnessed in the U.S. since Q3 of 2008. One chief TransUnion scientist cites less conservative lending and more conservative credit use as two factors responsible for the CRI decline.
Just as one missed mortgage payment can negatively affect your credit scores, several on-time payments can give your scores a boost. The same rule applies for credit cards, auto loans and other forms of credit. Use your credit wisely and manage your debt effectively, and lenders will see you as less of a risk. Don’t let one bad credit score ruin everything you’ve worked so hard to build.
If you’d like to lower your personal CRI, FreeScore offers several tools and services to help you take control of your credit situation. The Power of 3 provides access to your three credit scores and reports from Equifax, Experian and TransUnion. You’ll also receive 24/7 credit monitoring and automatic alerts. And if you want to explore the effect that different actions could have on your credit scores, use our Credit Score Predictor– a valuable tool that helps you make more informed credit decisions.
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